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Dover Reports Second Quarter 2025 Results

1. Dover reported a 5% revenue increase in Q2 2025. 2. GAAP earnings from continuing operations increased 14% to $280 million. 3. Adjusted EPS guidance raised to $9.35-$9.55 for 2025. 4. Solid order trends enhance Q3 revenue visibility, backlog is strong. 5. The company completed two strategic acquisitions in Pumps & Process Solutions.

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Why Bullish?

Dover's strong revenue and earnings growth indicates robust business performance and positive market sentiment. Raising EPS guidance reflects confidence in future growth.

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The article highlights significant financial performance and guidance updates, which strongly influence investor perceptions and stock movements.

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Immediate investor sentiment may uplift stock price due to positive quarterly results and increased EPS forecast.

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DOVHONWAT
, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted. Three Months Ended June 30, Six Months Ended June 30, ($ in millions, except per share data) 2025 2024 % Change* 2025 2024 % Change* U.S. GAAP Revenue $       2,050 $       1,949 5 % $       3,916 $       3,833 2 % Earnings from continuing operations  280 247 14 % 519 849 (39) % Diluted EPS from continuing operations 2.03 1.78 14 % 3.76 6.10 (38) % Non-GAAP Organic revenue change 1 % 1 % Adjusted earnings from continuing operations1 337 291 16 % 620 532 17 % Adjusted diluted EPS from continuing operations 2.44 2.10 16 % 4.49 3.82 18 % 1 Q2 and year-to-date 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs and (gain) loss on dispositions. * Change may be impacted by rounding. For the quarter ended June 30, 2025, Dover generated revenue of $2.0 billion, an increase of 5% (+1% organic). GAAP earnings from continuing operations of $280 million increased 14%, and GAAP diluted EPS from continuing operations of $2.03 was up 14%. On an adjusted basis, earnings from continuing operations of $337 million were up 16% and adjusted diluted EPS from continuing operations of $2.44 was up 16%. For the six months ended June 30, 2025, Dover generated revenue of $3.9 billion, an increase of 2% (+1% organic). GAAP earnings from continuing operations of $519 million decreased by 39%, and GAAP diluted EPS from continuing operations of $3.76 was down 38%, both principally due to the gain on the disposition of De-Sta-Co in the comparable period of the prior year. On an adjusted basis, earnings from continuing operations of $620 million increased 17%, and adjusted diluted EPS from continuing operations of $4.49 was up 18%. A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein. MANAGEMENT COMMENTARY: Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover's second quarter results were solid, driven by excellent production performance and execution in the face of a highly dynamic global trading environment. "Top line performance accelerated in the quarter on broad-based shipment growth in short cycle components and continued strength in our secular-growth-exposed end markets. Order trends continued to post positive momentum in the quarter, bolstering our confidence in the second half outlook with a majority of our third quarter revenue already in the backlog. Margin performance in the quarter was exemplary with a record consolidated segment margin, a result of prior portfolio actions, positive mix impact from our growth platforms, and our rigorous cost containment and productivity actions. "Our solid operational results were complemented by ongoing capital deployment actions. We continue to invest in high-ROI organic capital projects, including productivity and capacity expansions as well as targeted footprint optimization. During the quarter we also completed two acquisitions of attractive, fast-growing assets within our high-priority Pumps & Process Solutions segment. Our balance sheet strength remains an advantage that provides flexibility as we pursue value-creating capital deployment to further expand our businesses in high growth, high margin areas. "We are approaching the second half of 2025 constructively. Despite some macroeconomic noise, underlying end market demand is healthy and is supported by our sustained order rates. As a result of our first half performance, we are increasing our full year adjusted EPS guidance from $9.20-$9.40 to $9.35-$9.55." FULL YEAR 2025 GUIDANCE: In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.00 to $8.20 (adjusted EPS from continuing operations of $9.35 to $9.55), based on full year revenue growth of 4% to 6%. CONFERENCE CALL INFORMATION: Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 24, 2025. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website. ABOUT DOVER: Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. INVESTOR SUPPLEMENT - SECOND QUARTER 2025 DOVER CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)(in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $            2,049,592 $            1,948,782 $            3,915,651 $            3,832,501 Cost of goods and services 1,231,330 1,196,259 2,351,889 2,382,791 Gross profit 818,262 752,523 1,563,762 1,449,710 Selling, general and administrative expenses 463,665 429,055 912,856 872,036 Operating earnings 354,597 323,468 650,906 577,674 Interest expense 26,791 32,374 54,399 68,739 Interest income (17,935) (4,081) (38,189) (8,837) (Gain) loss on dispositions (2,176) 663 (4,644) (529,280) Other income, net (4,180) (12,845) (8,138) (19,984) Earnings before provision for income taxes 352,097 307,357 647,478 1,067,036 Provision for income taxes 71,967 60,770 128,107 218,347 Earnings from continuing operations 280,130 246,587 519,371 848,689 (Loss) earnings from discontinued operations, net (1,066) 35,235 (9,486) 65,354 Net earnings $               279,064 $               281,822 $               509,885 $               914,043 DOVER CORPORATION QUARTERLY EARNINGS PER SHARE (unaudited)(in thousands, except per share data*) Earnings Per Share 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 Basic (loss) earnings per share: Continuing operations $          1.74 $      2.04 $          3.78 $          4.33 $            1.79 $       6.14 $          2.28 $          1.74 $        10.16 Discontinued operations $        (0.06) $    (0.01) $        (0.07) $          0.22 $            0.26 $       0.47 $          0.25 $          8.73 $          9.42 Net earnings $          1.68 $      2.03 $          3.71 $          4.55 $            2.05 $       6.61 $          2.53 $        10.47 $        19.58 Diluted (loss) earnings per share: Continuing operations $          1.73 $      2.03 $          3.76 $          4.30 $            1.78 $       6.10 $          2.26 $          1.72 $        10.09 Discontinued operations $        (0.06) $    (0.01) $        (0.07) $          0.22 $            0.25 $       0.47 $          0.25 $          8.66 $          9.35 Net earnings $          1.67 $      2.02 $          3.69 $          4.52 $            2.04 $       6.57 $          2.51 $        10.38 $        19.45 Net (loss) earnings and weighted average shares used in calculated (loss) earnings per share amounts are as follows: Continuing operations $   239,241 $  280,130 $   519,371 $   602,102 $     246,587 $  848,689 $   312,896 $   238,383 $  1,399,968 Discontinued operations (8,420) (1,066) (9,486) 30,119 35,235 65,354 34,204 1,197,600 1,297,158 Net earnings $   230,821 $  279,064 $   509,885 $   632,221 $     281,822 $  914,043 $   347,100 $  1,435,983 $  2,697,126 Weighted average shares outstanding: Basic 137,267 137,226 137,261 139,051 137,443 138,247 137,251 137,205 137,735 Diluted 138,260 137,974 138,132 139,869 138,404 139,136 138,223 138,298 138,696 Dividends paid per common share $        0.515 $    0.515 $          1.03 $          0.51 $            0.51 $       1.02 $        0.515 $        0.515 $          2.05 * Per share data may be impacted by rounding. DOVER CORPORATION QUARTERLY SEGMENT INFORMATION (unaudited)(in thousands) 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 REVENUE Engineered Products $   254,646 $   275,944 $   530,590 $   332,820 $   285,297 $   618,117 $   296,117 $   288,223 $  1,202,457 Clean Energy & Fueling 491,148 546,097 1,037,245 445,053 463,014 908,067 500,685 528,032 1,936,784 Imaging & Identification 280,090 292,009 572,099 276,806 287,593 564,399 283,966 288,800 1,137,165 Pumps & Process Solutions 493,573 520,554 1,014,127 465,729 477,239 942,968 472,463 479,135 1,894,566 Climate & Sustainability Technologies 347,888 416,151 764,039 364,292 436,706 800,998 431,127 347,524 1,579,649 Intersegment eliminations (1,286) (1,163) (2,449) (981) (1,067) (2,048) (816) (1,848) (4,712) Total consolidated revenue $  1,866,059 $  2,049,592 $  3,915,651 $  1,883,719 $  1,948,782 $  3,832,501 $  1,983,542 $  1,929,866 $  7,745,909 EARNINGS FROM CONTINUING OPERATIONS Segment Earnings: Engineered Products $     44,114 $      53,511 $     97,625 $     62,532 $     52,095 $   114,627 $     56,621 $     59,989 $   231,237 Clean Energy & Fueling 85,644 107,771 193,415 69,675 87,536 157,211 99,536 103,246 359,993 Imaging & Identification 77,575 76,937 154,512 69,959 75,786 145,745 77,247 78,715 301,707 Pumps & Process Solutions 151,275 159,504 310,779 118,737 137,217 255,954 138,277 142,375 536,606 Climate & Sustainability Technologies 52,119 77,262 129,381 50,759 79,127 129,886 76,015 44,974 250,875 Total segment earnings 410,727 474,985 885,712 371,662 431,761 803,423 447,696 429,299 1,680,418 Purchase accounting expenses 1 49,104 51,123 100,227 44,187 44,332 88,519 48,356 49,366 186,241 Restructuring and other costs 2 9,397 23,210 32,607 23,971 11,590 35,561 16,581 32,841 84,983 (Gain) loss on dispositions 3 (2,468) (2,176) (4,644) (529,943) 663 (529,280) (68,633) 115 (597,798) Corporate expense / other 4 51,959 41,875 93,834 42,159 39,526 81,685 36,110 38,168 155,963 Interest expense 27,608 26,791 54,399 36,365 32,374 68,739 34,128 28,304 131,171 Interest income (20,254) (17,935) (38,189) (4,756) (4,081) (8,837) (5,176) (23,145) (37,158) Earnings before provision for income taxes 295,381 352,097 647,478 759,679 307,357 1,067,036 386,330 303,650 1,757,016 Provision for income taxes 56,140 71,967 128,107 157,577 60,770 218,347 73,434 65,267 357,048 Earnings from continuing operations $   239,241 $   280,130 $   519,371 $   602,102 $   246,587 $   848,689 $   312,896 $   238,383 $  1,399,968 SEGMENT EARNINGS MARGIN Engineered Products 17.3 % 19.4 % 18.4 % 18.8 % 18.3 % 18.5 % 19.1 % 20.8 % 19.2 % Clean Energy & Fueling 17.4 % 19.7 % 18.6 % 15.7 % 18.9 % 17.3 % 19.9 % 19.6 % 18.6 % Imaging & Identification 27.7 % 26.3 % 27.0 % 25.3 % 26.4 % 25.8 % 27.2 % 27.3 % 26.5 % Pumps & Process Solutions 30.6 % 30.6 % 30.6 % 25.5 % 28.8 % 27.1 % 29.3 % 29.7 % 28.3 % Climate & Sustainability Technologies 15.0 % 18.6 % 16.9 % 13.9 % 18.1 % 16.2 % 17.6 % 12.9 % 15.9 % Total segment earnings margin 22.0 % 23.2 % 22.6 % 19.7 % 22.2 % 21.0 % 22.6 % 22.2 % 21.7 % 1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 3 (Gain) loss on dispositions, including post-closing adjustments. 4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. DOVER CORPORATION QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) (unaudited)(in thousands, except per share data*) Non-GAAP Reconciliations 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 Adjusted earnings from continuing operations: Earnings from continuing operations $   239,241 $  280,130 $  519,371 $   602,102 $   246,587 $  848,689 $   312,896 $   238,383 $  1,399,968 Purchase accounting expenses, pre-tax 1 49,104 51,123 100,227 44,187 44,332 88,519 48,356 49,366 186,241 Purchase accounting expenses, tax impact 2 (10,919) (11,367) (22,286) (9,711) (9,760) (19,471) (10,633) (10,911) (41,015) Restructuring and other costs, pre-tax 3 9,397 23,210 32,607 23,971 11,590 35,561 16,581 32,841 84,983 Restructuring and other costs, tax impact 2 (1,887) (4,642) (6,529) (4,734) (2,479) (7,213) (3,465) (6,864) (17,542) (Gain) loss on dispositions, pre-tax 4 (2,468) (2,176) (4,644) (529,943) 663 (529,280) (68,633) 115 (597,798) (Gain) loss on dispositions, tax-impact 2 689 435 1,124 114,973 (144) 114,829 18,889 1,695 135,413 Adjusted earnings from continuing operations $   283,157 $  336,713 $  619,870 $   240,845 $   290,789 $  531,634 $   313,991 $   304,625 $  1,150,250 Adjusted diluted earnings per share from continuing operations: Diluted earnings per share from continuing operations $          1.73 $       2.03 $         3.76 $          4.30 $          1.78 $         6.10 $          2.26 $          1.72 $        10.09 Purchase accounting expenses, pre-tax 1 0.36 0.37 0.73 0.32 0.32 0.64 0.35 0.36 1.34 Purchase accounting expenses, tax impact 2 (0.08) (0.08) (0.16) (0.07) (0.07) (0.14) (0.08) (0.08) (0.30) Restructuring and other costs, pre-tax 3 0.07 0.17 0.24 0.17 0.08 0.26 0.12 0.24 0.61 Restructuring and other costs, tax impact 2 (0.01) (0.03) (0.05) (0.03) (0.02) (0.05) (0.03) (0.05) (0.13) (Gain) loss on dispositions, pre-tax 4 (0.02) (0.02) (0.03) (3.79) — (3.80) (0.50) — (4.31) (Gain) loss on dispositions, tax-impact 2 — — 0.01 0.82 — 0.83 0.14 0.01 0.98 Adjusted diluted earnings per share from continuing operations $          2.05 $       2.44 $         4.49 $          1.72 $          2.10 $         3.82 $          2.27 $          2.20 $          8.29 1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition. 3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q2 2025 and YTD 2025 include $4.0 million in costs associated with a product line exit and Q1 2024 and FY 2024 include $3.4 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment. 4 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6 million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment. * Per share data and totals may be impacted by rounding. DOVER CORPORATION QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 ADJUSTED SEGMENT EBITDA Engineered Products: Segment earnings $     44,114 $ 53,511 $    97,625 $     62,532 $     52,095 $ 114,627 $     56,621 $     59,989 $   231,237 Other depreciation and amortization 1 4,800 5,141 9,941 4,785 4,778 9,563 4,829 4,867 19,259 Adjusted segment EBITDA 2 48,914 58,652 107,566 67,317 56,873 124,190 61,450 64,856 250,496 Adjusted segment EBITDA margin 2 19.2 % 21.3 % 20.3 % 20.2 % 19.9 % 20.1 % 20.8 % 22.5 % 20.8 % Clean Energy & Fueling: Segment earnings $     85,644 $  107,771 $  193,415 $     69,675 $     87,536 $ 157,211 $     99,536 $   103,246 $   359,993 Other depreciation and amortization 1 8,578 8,961 17,539 7,921 7,627 15,548 8,310 8,118 31,976 Adjusted segment EBITDA 2 94,222 116,732 210,954 77,596 95,163 172,759 107,846 111,364 391,969 Adjusted segment EBITDA margin 2 19.2 % 21.4 % 20.3 % 17.4 % 20.6 % 19.0 % 21.5 % 21.1 % 20.2 % Imaging & Identification: Segment earnings $     77,575 $ 76,937 $  154,512 $     69,959 $     75,786 $ 145,745 $     77,247 $     78,715 $   301,707 Other depreciation and amortization 1 4,093 4,229 8,322 3,733 3,271 7,004 3,905 3,739 14,648 Adjusted segment EBITDA 2 81,668 81,166 162,834 73,692 79,057 152,749 81,152 82,454 316,355 Adjusted segment EBITDA margin 2 29.2 % 27.8 % 28.5 % 26.6 % 27.5 % 27.1 % 28.6 % 28.6 % 27.8 % Pumps & Process Solutions: Segment earnings $   151,275 $  159,504 $  310,779 $   118,737 $   137,217 $ 255,954 $   138,277 $   142,375 $   536,606 Other depreciation and amortization 1 12,601 13,131 25,732 12,139 12,637 24,776 12,651 12,623 50,050 Adjusted segment EBITDA 2 163,876 172,635 336,511 130,876 149,854 280,730 150,928 154,998 586,656 Adjusted segment EBITDA margin 2 33.2 % 33.2 % 33.2 % 28.1 % 31.4 % 29.8 % 31.9 % 32.3 % 31.0 % Climate & Sustainability Technologies: Segment earnings $     52,119 $ 77,262 $  129,381 $     50,759 $     79,127 $ 129,886 $     76,015 $     44,974 $   250,875 Other depreciation and amortization 1 7,325 7,605 14,930 7,275 7,220 14,495 7,048 7,596 29,139 Adjusted segment EBITDA 2 59,444 84,867 144,311 58,034 86,347 144,381 83,063 52,570 280,014 Adjusted segment EBITDA margin 2 17.1 % 20.4 % 18.9 % 15.9 % 19.8 % 18.0 % 19.3 % 15.1 % 17.7 % Total Segments: Total segment earnings 2, 3 $   410,727 $  474,985 $  885,712 $   371,662 $   431,761 $ 803,423 $   447,696 $   429,299 $  1,680,418 Other depreciation and amortization 1 37,397 39,067 76,464 35,853 35,533 71,386 36,743 36,943 145,072 Total Adjusted segment EBITDA 2 448,124 514,052 962,176 407,515 467,294 874,809 484,439 466,242 1,825,490 Total Adjusted segment EBITDA margin 2 24.0 % 25.1 % 24.6 % 21.6 % 24.0 % 22.8 % 24.4 % 24.2 % 23.6 % 1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. 2 Refer to Non-GAAP Disclosures section for definition. 3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. DOVER CORPORATION QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 Earnings from continuing operations $   239,241 $  280,130 $   519,371 $   602,102 $   246,587 $ 848,689 $   312,896 $   238,383 $  1,399,968 Provision for income taxes 56,140 71,967 128,107 157,577 60,770 218,347 73,434 65,267 357,048 Earnings before provision for income taxes 295,381 352,097 647,478 759,679 307,357 1,067,036 386,330 303,650 1,757,016 Interest income (20,254) (17,935) (38,189) (4,756) (4,081) (8,837) (5,176) (23,145) (37,158) Interest expense 27,608 26,791 54,399 36,365 32,374 68,739 34,128 28,304 131,171 Corporate expense / other 1 51,959 41,875 93,834 42,159 39,526 81,685 36,110 38,168 155,963 (Gain) loss on dispositions 2 (2,468) (2,176) (4,644) (529,943) 663 (529,280) (68,633) 115 (597,798) Restructuring and other costs 3 9,397 23,210 32,607 23,971 11,590 35,561 16,581 32,841 84,983 Purchase accounting expenses 4 49,104 51,123 100,227 44,187 44,332 88,519 48,356 49,366 186,241 Total segment earnings 5 410,727 474,985 885,712 371,662 431,761 803,423 447,696 429,299 1,680,418 Add: Other depreciation and amortization 6 37,397 39,067 76,464 35,853 35,533 71,386 36,743 36,943 145,072 Total adjusted segment EBITDA 5 $   448,124 $  514,052 $   962,176 $   407,515 $   467,294 $ 874,809 $   484,439 $   466,242 $  1,825,490 1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. 2 (Gain) loss on dispositions, including post-closing adjustments. 3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 4 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 5 Refer to Non-GAAP Disclosures section for definition. 6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. DOVER CORPORATION REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) (unaudited) Non-GAAP Reconciliations Revenue Growth Factors 2025 Q2 Q2 YTD Organic Engineered Products (5.1) % (6.7) % Clean Energy & Fueling 8.0 % 5.0 % Imaging & Identification — % 1.9 % Pumps & Process Solutions 3.9 % 5.2 % Climate & Sustainability Technologies (5.6) % (4.8) % Total Organic 0.9 % 0.7 % Acquisitions 3.0 % 2.7 % Dispositions — % (1.3) % Currency translation 1.3 % 0.1 % Total* 5.2 % 2.2 %  * Totals may be impacted by rounding. 2025 Q2 Q2 YTD Organic United States 3.9 % 1.9 % Europe 0.2 % (1.7) % Asia (0.6) % 3.7 % Other Americas (19.3) % (10.3) % Other 20.8 % 16.3 % Total Organic 0.9 % 0.7 % Acquisitions 3.0 % 2.7 % Dispositions — % (1.3) % Currency translation 1.3 % 0.1 % Total* 5.2 % 2.2 %  * Totals may be impacted by rounding. Adjusted EPS Guidance Reconciliation Range 2025 Guidance for Earnings per Share from Continuing Operations (GAAP) $          8.00 $          8.20 Purchase accounting expenses, net 1.19 Restructuring and other costs, net 0.19 Gain on dispositions, net (0.03) 2025 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $          9.35 $          9.55 * Per share data and totals may be impacted by rounding. DOVER CORPORATION QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) (unaudited)(in thousands) Quarterly Cash Flow 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 Net Cash Flows Provided By (Used In): Operating activities $   157,474 $  212,340 $   369,814 $   146,456 $   149,181 $  295,637 $   353,244 $   438,952 $  1,087,833 Investing activities (74,186) (681,584) (755,770) 432,416 33,215 465,631 (402,512) (90,102) (26,983) Financing activities (122,234) (84,235) (206,469) (80,782) (830,657) (911,439) 92,994 (453,228) (1,271,673) Quarterly Free Cash Flow (Non-GAAP) 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 Cash flow from operating activities1 $   157,474 $  212,340 $   369,814 $   146,456 $   149,181 $   295,637 $   353,244 $   438,952 $  1,087,833 Less: Capital expenditures (48,192) (60,932) (109,124) (40,050) (35,822) (75,872) (37,754) (53,907) (167,533) Free cash flow $   109,282 $  151,408 $   260,690 $   106,406 $   113,359 $   219,765 $   315,490 $   385,045 $   920,300 Cash flow from operating activities as a percentage of revenue 8.4 % 10.4 % 9.4 % 7.8 % 7.7 % 7.7 % 17.8 % 22.7 % 14.0 % Cash flow from operating activities as a percentage of adjusted earnings from continuing operations 55.6 % 63.1 % 59.7 % 60.8 % 51.3 % 55.6 % 112.5 % 144.1 % 94.6 % Free cash flow as a percentage of revenue 5.9 % 7.4 % 6.7 % 5.6 % 5.8 % 5.7 % 15.9 % 20.0 % 11.9 % Free cash flow as a percentage of adjusted earnings from continuing operations 38.6 % 45.0 % 42.1 % 44.2 % 39.0 % 41.3 % 100.5 % 126.4 % 80.0 % 1 Q2, Q3, Q4 and FY 2024 include income tax payments of $56.0 million, $24.0 million, $23.4 million and $103.4 million, respectively, related to the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also include income tax payments of $20.4 million related to the sale of a minority owned equity method investment. DOVER CORPORATION PERFORMANCE MEASURES (unaudited)(in thousands) 2025 2024 Q1 Q2 Q2 YTD Q1 Q2 Q2 YTD Q3 Q4 FY 2024 BOOKINGS Engineered Products $   264,538 $  276,571 $  541,109 $   329,925 $   280,542 $   610,467 $   284,823 $   276,487 $  1,171,777 Clean Energy & Fueling 543,859 526,819 1,070,678 471,610 442,086 913,696 507,329 517,470 1,938,495 Imaging & Identification 288,169 292,092 580,261 278,433 288,641 567,074 281,289 295,784 1,144,147 Pumps & Process Solutions 499,287 530,158 1,029,445 473,632 461,426 935,058 448,074 473,548 1,856,680 Climate & Sustainability Technologies 395,623 384,246 779,869 453,086 406,269 859,355 332,503 378,774 1,570,632 Intersegment eliminations (1,892) (1,295) (3,187) (791) (1,591) (2,382) (1,065) (2,578) (6,025) Total consolidated bookings $  1,989,584 $  2,008,591 $  3,998,175 $  2,005,895 $  1,877,373 $  3,883,268 $  1,852,953 $  1,939,485 $  7,675,706 Non-GAAP Measures Definitions In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period. Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition. Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue. Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue. Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers. Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock. Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. Performance Measures Definitions Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends. We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments. Investor Contact: Media Contact: Jack Dickens Adrian Sakowicz Vice President - Investor Relations Vice President - Communications (630) 743-2566 (630) 743-5039 [email protected] [email protected] SOURCE Dover WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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